Cryptocurrency and Official Digital Currency Bill 2021 in Parliament (Updates) The Central Government is set to introduce the important- awaited The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in Parliament during the ongoing Winter Session. The Crypto assiduity is awaiting a positive regulation that may permit investing and trading in crypto with certain restrictions. The buzz around the Crypto Bill till now has been both positive and negative.

The Crypto Bill is one of the numerous particulars on the list of bills to be introduced in Parliament during the Winter Session. Last week, confusion and fear gripped the crypto request in India as the wordings of the description of cryptocurrency bill on the list was the same as last time. It repeated the Govt’s intention to ban private cryptocurrencies. Still, opinions are divided till now as to what the goverment
means by using the term private cryptocurrency. For full clarity, we will have to stay till Cryptocurrency Bill 2021 comes into the public sphere.
According to Edul Patel, CEO andCo-founder of crypto investment platform Mudrex, presently, there are further than cryptocurrencies that are traded across exchanges. There's a lack of clarity in terms of what the government means by private cryptocurrencies. Cryptocurrencies like bitcoin, Ether and other cryptos are available across centralised and decentralised exchanges. Still, all of these cryptos are created by inventors or companies, and not by governments.

“ The term private cryptocurrencies is intriguing because there was news about governments coming up with their own cryptocurrency. These cryptocurrencies are known as CBDCs or Central Bank Digital Currencies. There could be a possibility that these CBDCs are public cryptocurrencies and all others be classified under private cryptocurrencies. Still, it'll be intriguing to see what comes under the dimension of private cryptocurrencies,” Patel told FE Online.
Crypto Bill Looking forward to a balanced approach, says CrossTower India CEO
. Vikas Ahuja, CEO of CrossTower India, says the Government of India has considered significance around the nonsupervisory frame for the crypto assiduity in light of its growing fashionability."We believe this to be a positive sign, as crypto trading needs legislation like any other business. Only the Government’s support to make it regulated will allow the exchange companies to produce the right kind of mindfulness and educate on how to make the stylish use of this blockchain technology- grounded digital trading. With the Indian government set to introduce the draft crypto regulation bill in Parliament, we look forward to seeing a balanced approach- allowing invention for digitaltranding
and at a global scale, icing India's youth is running a futuristic race, while balancing consumer protection needs."

1550 (IST)
29 NOV 2021
Crypto Bill'Recognising crypto as assest will remove nonsupervisory query'
"The thing to look out for is that if the bill bans cryptocurrencies outright, or simply bans them from being used as'currencies', allowing them to still serve as' means'. Still, also the bill will be a net positive for the crypto assiduity, If the ultimate is true. So far, in India, they substantially serve as means and this would help remove nonsupervisory query around crypto in India,"says Atanuu Agarrwal,co-founder of Upside AI, a SEBI Registered PMS Company.

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